BNY Mellon is working to better understand and communicate our climate change readiness.
From Australian brush fires to flooded streets in Venice, the changing climate is creating a host of unprecedented physical, environmental and financial risks for society as well as businesses.
As part of our risk management approach, BNY Mellon has been identifying and quantifying potential climate-related financial impacts on our business, as well as our clients and global markets. In 2020, we build on that as we implement the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
While we disclosed some of this information already, we believe that the voluntary TCFD framework provides a valuable tool for formalizing our process. Using this framework, which covers financial disclosures related to physical and transition risks associated with climate change, will help us better understand our climate-related vulnerabilities and opportunities, and align our disclosures with investor needs.1 To lead this process, we have a formed an internal TCFD group, steered by the CSR team.